UBS Board Changes Ahead of Annual Meeting

UBS has announced that William Dudley and Janet Wong will not seek re-election during its annual general meeting scheduled for April 15, 2026. According to a statement released on Friday, the board has nominated Agustin Carstens and Luca Maestri for election to supervisory roles.

Last October, Vice Chairman Lucas Gaewile revealed his intention to resign from the board, paving the way for Marcus Ronner to run for his position as a successor.

Agustin Carstens, who has a substantial background in financial regulation, began his career at the Bank of Mexico in 1980. He has held pivotal roles, including serving as General Manager of the Bank for International Settlements from 2017 until June 2025 and as Governor of the Bank of Mexico from 2010 to 2017. While Governor, he was on the BIS Board of Directors and chaired the World Economic Council along with the Council of Economic Advisers. He also led the International Monetary and Financial Committee from 2015 to 2017, working closely with the International Monetary Fund.

Luca Maestri, currently the vice president of corporate services at Apple, brings a wealth of experience from his tenure as CFO, which lasted over a decade. Before joining Apple in 2013, he held financial leadership roles at Xerox and Nokia Siemens Networks. His extensive 20-year career at General Motors saw him take on various senior positions in several countries, including CFO roles in both Europe and Brazil.

UBS Chairman Colm Kelleher emphasized that the addition of Carstens and Maestri will significantly enhance the board’s regulatory and financial oversight capabilities.

During their tenure, Dudley and Wong served on the board for seven years, with Dudley involved in the Culture and Corporate Responsibility, Risk, and Governance committees. Meanwhile, Wong participated in the Audit, Culture and Corporate Responsibility, and Compensation committees.